Micro.blog

cdevroe
cdevroe

Bitcoin is a sham! There is nothing of value behind it! It means nothing!

Looks at charts of GameStop stock.

warner
warner

@cdevroe At least with GameStop 1/25th of it has value. With Bitcoin I think you're placing a bet that over the next decade there will come a crisis (a bit like Covid) that will spark a central bank to adopt blockchain technology, that will be interoperable with Bitcoin. Not sure how to estimate that value.

In reply to
cdevroe
cdevroe

@w4rner No “central bank" needs to adopt Bitcoin for it to have value.

warner
warner

@cdevroe Cigarettes/Bitcoin/AnyAltCurrency can only have stable long-term value in a jurisdiction where government-backed currencies don't exist (like the WWII POW camps). Next to government backed money Bitcoin will always look trash, and therefore vulnerable to massive cash-outs (that's where price drops and volatility come from). Going long on Bitcoin is either a). central bank adoption making it the default currency, or b). the end of central banks /fiat currency, in i) some significant states ii) on the internet generally c). Some other long-term value as a middle-man between fiat currencies

I assume it's b)ii) you are backing?

warner
warner

@w4rner good take from Ben Evans on this “In the short term market is a voting machine, in the long term it’s a weighing machine